Prime Minister Shehbaz Sharif on Tuesday constituted a National Coordination and Management Council (NCMC) in bid to expedite decision-making regarding the aftermath of the Middle East war on the nation’s economy and its internal security.
According to a notification, the NCMC would serve as a central platform, comprising representatives from all federal and provincial stakeholders to facilitate informed policy decision-making and ensure effective implementation at all levels in response to the economic challenges arising from the Gulf conflict.
The NCMC has the mandate to manage internal security, including potential internal displacement and refugees arising from any untoward situation. It would also oversee narrative management and tackle disinformation. The council would further manage and operationalize financial, economic, and trade-related policy measures.
The prime minister established the NCMC hours before Pakistan mediated a ceasefire between Iran and the United States. Its maiden meeting on Wednesday decided to continue working under its original mandate, as the threat of war persists. Additionally, the participants noted that even if the war concludes, it could take several weeks or even months before the economy returns to normal.
Economic Affairs Minister Ahad Khan Cheema and Lt. Gen. Zafar Iqbal would serve as co-chairmen of the council’s executive committee. During the first meeting, the council allowed the export of surplus furnace oil after fully taking into account local energy production requirements. At least two refineries raised the issue of limited storage capacity, requiring the export of surplus volumes.
As part of its mandate, the council is required to look for trade diversification by identifying prospective export markets, alternate import sources, import conditions, utilization of port infrastructure and merchant shipping. It would also work for energy security by maintaining strategic fuel reserves, price adjustment, fast track alternate procurements and supplementary grants for specific emergency expenditures.
Further, it would take responsibility for expenditure rationalization and monitor austerity and energy conservation measures. In case any extreme situation arises, the council has the mandate to implement rationing of critical commodities. It would also identify vulnerabilities of social communities for targeted subsidies and social safety nets.